JPMorgan Names Retail Finance Executive Lake as New CFO

JPMorgan Chase & Co named
little-known executive Marianne Lake as its chief financial
officer on Monday, making her one of the most powerful women on
Wall Street and the top ambassador to investors for the largest
U.S. bank.

She has not been a member of the company's Executive
Committee, whose roughly 50 members are listed in JPMorgan's
annual report and who meet quarterly.

Lake has had some experience in the last five years meeting
with Wall Street securities analysts, whom she will address in
future quarterly conference calls after earnings reports.

In her previous roles, she saw the financial crisis up close
as JPMorgan acquired investment bank Bear Stearns and then as
the U.S. housing crisis battered JPMorgan's mortgage
investments.

From 2007-09, she worked in JPMorgan's investment bank as
global controller in finance and business management.

Lake first met Dimon when he came to the bank in 2004.
Dimon, in the company's statement, said Lake "has developed an
impressive breadth of knowledge and experience in finance across
both our wholesale and our consumer businesses."

Lake, a chartered accountant, managed global finance
infrastructure and control functions in JPMorgan's corporate
finance group from 2004 to 2007. Before that, she was a senior
financial officer for the company in the United Kingdom.

She also worked for PriceWaterhouseCoopers in London and
Sydney before joining JPMorgan.

Lake is a citizen of both the United States and the United
Kingdom, having been born to an American mother and a British
father.

MANAGEMENT RESHUFFLES

Dimon took Braunstein out of his line of direct reports in
July, assigning him to answer first to Matt Zames, a top
mortgage markets executive whom he had just named co-chief
operating officer of the company.

Dimon, in testimony before a congressional committee in
Washington in June, cited Braunstein as being among top
lieutenants whom he had relied upon to check the London Whale
reports.

Others he cited were company risk officers. In October,
former Chief Risk Officer Barry Zubrow said that he would retire
at the end of the year. Another person whom Dimon cited was Ina
Drew, who was head of the Chief Investment Office and who left
shortly after the losses surfaced.

Besides the shakeups this year, Dimon shuffled some of his
top executives at least once in each of the three previous
years. He has said that he likes to rotate his top staff through
different positions as part of preparing potential successors.

In June 2011, Dimon replaced retail banking chief Charlie
Scharf, who has since become CEO of Visa Inc.

In June 2010, Dimon named Braunstein to be CFO after
Cavanagh had held the post for six years. Cavanagh was then put
in charge of JPMorgan's Treasury & Securities Services unit
which handles payments and other transactions for corporations
and governments.

Cavanagh's assignment changed somewhat in this year's July
shuffle when Dimon said the bank would combine the treasury
services business with its investment bank and that Cavanagh
would become co-head of the new unit, with Pinto.

In 2009, Dimon named Jes Staley to take over the investment
bank, replacing its co-chief executives Bill Winters and Steve
Black. At the time, it look like Staley could become a successor
to Dimon, though they are about the same age.

But in July of this year, Staley was moved out of that
executive role to become chairman of the combined corporate and
investment bank.